“If something needs to get done, I make sure it gets done, period.”
These are the words of Nolan Watson, the youngest CFO in the New York Stock Exchange. He became a CFO at the age of 26.
The likes of Nolan and others like Grayson T. Lisenby, and Benjamin R. Mulling have proved that it’s possible to become a CFO in your 20s and break the usual stereotype of becoming one in your late career.
Students and working professionals, if you’re dreaming today of becoming a Chief Financial Officer, you need to make sure you have the right finance certifications and the appropriate mix of work experience.
This blog will highlight the necessary certifications to become a CFO. Stay tight and keep reading.
Education, Work Experience & Designated Job Roles
A CFO aspirant needs to put in the work from the beginning of his career. You got to have the determination to work yourself through the ranks and have an appetite for innovation.
Reading through the lives of CFOs who have achieved a mark in the financial and business spectrum, you can gain a phenomenal understanding of the various measures they took to reach the goal.
However, most of them started planning from a young age. Let’s look at the foundational criteria for becoming a Chief Financial Officer.
Education
- Bachelors in Finance, Accounting, or Business - A bachelor's degree in commerce that includes finance, accounting, and business concepts forms the backbone for your CFO journey.
- MBA in Finance - About 51.42% of CFOs in Fortune 500 and S&P 500 companies have a finance MBA. The stats tell you the importance of holding the degree. A Masters in Finance program is also a great option to advance in the world of financial credentials.
Work Experience and Designated Job Roles
To wear the prestigious hat of the CFO, one needs to have a mix of work experience, journeying through diversified finance and accounting designations. On average, it takes anywhere between 10-20 years to become the Chief Financial Officer of a company.
There’s no one-dimensional path to becoming the right-hand financial overseer of a company. Various CFOs land the designated role by undertaking previous roles such as
- Finance Controller
- Financial Analyst
- Senior Management Accountant
- VP of Finance
- Treasury Analyst
- Internal Audit Manager
It all boils down to you building a personal brand and a standout presence in the finance and accounting world in the respective roles you take.
Top 3 Finance Certifications Necessary To Become a CFO
To become the key decision maker that makes the wheels of commerce work, one needs to have globally recognized finance certifications under their belt. Let’s look at the top 3 certifications that will give you the firebrand recognition to become a Chief Financial Officer.
1. Certified Public Accountant (CPA)
Globally recognized, the CPA gives you a professional stamp stating that you’re the go-to person to analyze financial statements and carry out rigorous audits. You’re also well-versed in accounting principles such as GAAP and have a strong hand in taxation and compliance disciplines.
This makes the CPA accreditation the no 1 certification that’s going to be of heavyweight value as a CFO aspirant.
2. Certified Management Accountant (CMA)
Over time, CFOs have always been summarized under the banner - ‘A lead accountant proficient in managerial decision making’
Those of you who aspire to become a CFO, need to have qualitative experience dealing with senior-level management in companies across verticals to demonstrate your excellent for real-time decision making.
With a CMA certification, you become a key member within the management of your organization, analyzing financial reports/statements to help managers make important and strategic decisions.
3. Chartered Financial Analyst (CFA)
Nolan Watson, the youngest CFO as well as many others banked the CFO positions having the CFA certification to their name. It’s a fact that highly skilled investment bankers and financial analysts have a propensity to become top-tier C-level executives.
The primary reason why a CFA holds value is because it gives you an entrance into the world of real-time M&A transactions, cash flow analysis, and other finance ratios that help to make key financial decisions.
Start Your CFO Journey Now!
You never know. You could become the next CFO of a Fortune 500 company in the next decade or so. It all begins by taking those necessary certifications. At MyLogic, we’ll support you all the way and help you crack competitive exams like CPA US, CMA, CFA, and others as well.
My Logic is a pioneer in catering world-class training in financial professional courses like CMA (USA), CPA (USA), ACCA, CIMA, CFP, etc to students across the globe. We offer top-class online training videos along with online interactive classrooms that help you crack competitive finance and accounting exams.
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